Page 53 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

present Tribunal when, a default has occurred. It is thus obvious that the lead bank like the petitioner is

thus competent to file this application on its own behalf and other banks who are members of the
Consortium.

12. In order to ascertain whether the default has occurred. it will be profitable to read Section 3 (12)
of the Code which states that default means non-payment of debt when whole or any part of the
instalment of the debt has become due 8[, payable and the same has not been repaid by the 'Corporate

Debtor'. In the present case, it has come on record that the default has occurred many a time when the
restructuring had taken place in 2011 and 2013. In any case finally a default has occurred when the loan

account of the 'Corporate Debtor' was classified as NPA on 30.09.2014 in accordance with the guidelines
issued by the Reserve Bank of India. In that regard particulars of financial debt have been mentioned
indicating that default occurred on 30.06.2014 when the first quarterly instalment of the term loan was

due for payment (Annexure A-46). In part IV of Form-1 a sum of Rs. 86,79,49,061.33/- only as on
15.05.2017 has been claimed to be a defaulted amount and the figure has been rectified by the affidavit
filed on 07.06.2017. The total defaulted amount is claimed to be over Rs. 1,09,32,72,312.86/- as per para

9 of affidavit.

13. Learned counsel for the petitioner has argued that in the additional affidavit it has been

adequately explained that the present petition has been instituted by Shri Rahulcndu Singh who is
working as Senior Manager, New Delhi Large Corporate Branch of Bank of India. According to the
learned counsel he has been duly authorized by the General Manager SiShri Ram Krishna Sinha and

Mrityunjay Kumar Gupta. It has been pointed out there is a resolution concerning delegation of power to
General Manager for granting Power of Attorney to other officers like Shri Rahulendu Singh. On

27.05.2016 a resolution by the Bank of India was passed with regard to delegation of powers to General
Managers for granting Power of Attorney to other officers (Annexure A-1 with the additional affidavit).
In the aforesaid meeting Memorandum No. HR/T&P/P0A/ASC/16-17 dated 27.05.2016 was submitted by

Human Resources Department for-seeking approval for delegation of Powers to General Managers for
granting Power of Attorney to other officers and it was considered and resolved as under:

"IT WAS RESOLVED THAT

APPROVAL he and is hereby accorded for granting Comprehensive General Manager's Power of

Attorney in favour of:

(i) Shri Nikhilcsh Bhargava;

(ii) Shri Bhalchandra Vasudeo Upadhye;

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